Friends
It was another very quiet day of trading, as after last week’s bevy of news, traders seem to be searching for a reason to buy or sell. The bulls got their excitement last week when Dr. Bernanke and the Fed went “all in”, and the bears still seem shell shocked after running for cover. Earnings are still weeks away, so it will be interesting to see what will get traders to act over the next several sessions.
As for today, the Dow Jones Industrial Average was up 11 points to close at 13,564. The S&P 500 was down less than 2 points to finish the day at 1459. Gold was up $2.50 to trade at $1773 per ounce, while oil was down another $1.13 to trade at $95.49 per barrel WTI. Once again, as long as the S&P remains above the 1438 level, the bulls can remain comfortable. After last week’s rotation from defensive stocks to industrials and materials, it appears the dividend paying staples might be getting some new consideration this week. In either event, the search for yield continues.
We’ll let you know if the action picks up later this week.
Have a nice evening everyone.
